OKX delisting sparks privacy coin price slump

Flybit Achieves Top Score in FIU’s Anti-Money Laundering AssessmentSouth Korean virtual asset exchange Flybit said Monday that it has received the highest rating in the comprehensive anti-money laundering (AML) evaluation conducted annually by the Financial Intelligence Unit (FIU) under the Financial Services Commission for all financial companies in Korea.Photo by REDioACTIVE on PixabayRanking among top-performing financial institutionsThe comprehensive AML evaluation is aimed at facilitating the optimal establishment and implementation of strong AML systems. It is operated under a control system where financial authorities assess and oversee a given company’s AML risk management, and the company receives verification on the adequacy of its risk management levels.In this year’s evaluation, Flybit achieved a score of 89.70, scoring in the highest ranks among all financial institutions, including virtual asset service providers (VASPs). This places Flybit among the upper echelons of financial companies that received an “Excellent” rating, which make up only 15% of all evaluated firms.Robust and varied effortsThe exchange explained that it has taken a risk-based approach (RBA) to control and manage its AML risk factors that were found in the results from the FLYBIT Enterprise-Wide AML Risk Assessment (FARA) — an AML risk assessment model developed in-house — and the FIU’s semi-annual AML system compliance evaluation, where FLYBIT was deemed as a “self-monitoring” company.Notably, Flybit operates customized AML education programs for different ranks and job roles within its corporation, which leverages both external and internal resources, including the Korea Banking Institute. It also conducts over 40 hours of advanced-level training — three times longer than the FIU recommendation — for employees directly involved in AML-related tasks.“The basis for this [evaluation] result was the active interest and support of the management, as well as the operation of a specialized AML control system for VASPs,” said Seol Ki-hwan, a compliance officer in charge of AML reporting at Flybit. “In the future, we will continue our efforts, not only in AML compliance but also in fulfilling our responsibilities and roles as a model VASP.”

The Turkish government is on the verge of finalizing comprehensive regulations for the cryptocurrency market. It has been known for a number of months that Turkey had been working towards the production of a regulatory framework for crypto, with the primary objective of securing the country’s removal from the Financial Action Task Force’s (FATF) "grey list." According to revelations from Minister of Treasury and Finance Mehmet Simsek, who participated in an interview with the Anadolu Agency on Wednesday, those regulations are now nearing completion.Photo by Emre on UnsplashFramework in advanced stagesSimsek disclosed key elements of the forthcoming regulations, emphasizing the government's commitment to legally defining critical concepts in the crypto space, licensing trading platforms and aligning with the standards set by FATF. The crypto framework tailored for the Turkish market is in the advanced stages of development, with a meticulous evaluation of its technical aspects underway, noted Simsek. The overarching goal is to mitigate the risks associated with crypto trading, especially for ordinary investors, aligning with international standards to facilitate the country's removal from the FATF's grey list. Licensing and defined termsSimsek outlined the forthcoming guidelines, stating that crypto platforms will be mandated to acquire licenses from Turkey's Capital Markets Board (CMB). A number of months ago, Bora Erdamar, the director of the BlockchainIST Center, an Istanbul-based university research and development center for blockchain technology, had underscored the importance of establishing licensing standards as part of the new crypto framework. Erdamar claimed that would be necessary in order to “prevent abuse of the system.” Erdamar is of the view that any such regulatory framework may include digital security protocols, advanced custody services, compulsory proof of reserves and capital adequacy requirements. It’s understood that the regulations will provide legal definitions for essential terms such as "crypto assets," "crypto wallets," "crypto asset service providers," "crypto asset custody service" and "crypto asset buying and selling platforms." As an example, Simsek clarified the definition of crypto assets as "intangible assets that can be created and stored electronically using distributed ledger technology or a similar technology, distributed over digital networks, and capable of expressing value or rights." While emphasizing the reduction of risks in crypto trading, Simsek clarified that the regulations would not encompass the specific tax regime for virtual assets. The proposed regulations have long been under consideration as Turkish authorities aim to bring clarity to the crypto market. The Minister assured that the crypto legislative proposals would be finalized this month, preceding the FATF evaluation scheduled for February. Notably, between July 2022 and June 2023, Turkey ranked fourth globally in raw crypto transaction volumes, recording approximately $170 billion in activity, trailing behind the United States, India and the United Kingdom, as reported by the blockchain analytics firm Chainalysis. A report by KuCoin last year identified a marked increase in adoption in Turkey.  It’s believed that wayward inflation over recent years relative to the Turkish lira is playing a large part in that trend. In recent weeks the Turkish president took the step of appointing an expert in blockchain and crypto assets to the central bank’s rate-setting committee. 

Shinhan Bank to Issue NFTs at 2023 Global Blockchain Incheon ConferenceShinhan Bank is set to participate in the 2023 Global Blockchain Incheon Conference (GBIC) from October 30 to 31 at Incheon Songdo Convensia, where it plans to operate a promotional booth to present its blockchain initiatives and issue commemorative non-fungible tokens (NFTs).Photo by CHUTTERSNAP on UnsplashUnveiling the prospects of next-generation technologiesGBIC is an international conference hosted by the city of Incheon and organized by Incheon Technopark. It will focus on exploring the present and future landscape of blockchain and Web3 technology while providing a platform for networking among experts from around the world. The event aims to stimulate the business ecosystem within the field and promote cultural exchange.Exclusive perksTo mark the occasion, Shinhan Bank and the city of Incheon are working together to issue NFTs for visitors, which include records of information like confirmation of event entry and participation, coupon usage, and more. The NFTs will also be given away to the first 1,000 customers who arrive at the event site, offering three benefits — free coffee vouchers as well as entry passes to artificial and virtual reality experiences and other on-site events. Recipients will also have the option to hand over the functions and benefits of the NFTs to others.Those who wish to attend GBIC can pre-register on the official conference website.